Vail announced on Thursday morning that it has entered into an agreement with a Utah based commercial real estate investment group, PEG companies, to sell and develop parcels of land currently used as surface parking lots at the base of Park City Mountain.
Vail says that, subject to community input and an approval process by Park City Municipal, the development plan for the 10 acre lot will feature a mixed-use project, including a full-service hotel and spa, residential units, commercial space for dining and retail, skier services, parking garages and community priorities such as improved access to public parking, traffic and transit improvements and on-site workforce housing.
Cameron Gunter, founder and chief executive officer of PEG Companies, said, “We believe that the best outcome will ensue as our highly experienced development team not only puts their creative minds together but also solicits and incorporates valued input from the people of Park City into our plans, and that is exactly what we plan to do in coming weeks and months.”
Park City COO Bill Rock added. “We are very excited to have found a development team that will work closely with the City and the community to carry out a vision for a vibrant base area. We look forward to a collaborative partnership that will provide both our guests and Park City residents with an elevated experience at the base of Park City Mountain.”